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the speaker characterizing this as a status quo election. that's not the way the white house sees it. the white house sees it as an election they won and they picked up seats in the congress. the speaker here reminding the president, hey, you know what, we control the house of representatives. he goes on to characterize the president's proffer from last week. boehner saying, we cannot in good conscience agree to this approach which is neither balanced nor realistic. they talk about possibly raising some entitlement reform proposals with the president. but then the speaker and his co-signers here have this sentence, mindful of the status quo election and questions on entitlement reform we recognize it would be counterproductive to privately or publicly propose entitlement reforms you or the leader of your party are unwilling to changed in near term. boehner is laying out a revision going back to the simpson/bowles plan in some way, shape or form and that's the gist of this offer from the speaker to the president. we're diving into it in real
the speaker characterizing this as a status quo election. that's not the way the white house sees it. the white house sees it as an election they won and they picked up seats in the congress. the speaker here reminding the president, hey, you know what, we control the house of representatives. he goes on to characterize the president's proffer from last week. boehner saying, we cannot in good conscience agree to this approach which is neither balanced nor realistic. they talk about possibly...
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Dec 10, 2012
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but he told us that's not going to happen, and he got re-elected. what does it matter? it doesn't raise a lot of money. why didn't he just say that we're taking the able of social security to 6, cutting the military budget. the democrats will be committing political suicide and the republicans. that's why i was hoping that congress would rise above and figure out a more reasonable way to spend less and take in more money over time and get the budget over time. the moronic cliff doesn't hurt. what do we need? i have to use his words because it's like a curse word. compromise. it used to be the american way. compromise, that's considered to be sinking below. you know i favor higher stock prices, that's my mantra. i'm not sure that cutting all these programs quickly, that's what the quick jump would do is the way to get to higher stock prices, austerity means that tax hikes will go higher. unlike the rest of the 98%, you won't hurt the market as much as if you make everybody pay. the 2% save more and the 98% spent more. but what really hurts is no deal at all. the presiden
but he told us that's not going to happen, and he got re-elected. what does it matter? it doesn't raise a lot of money. why didn't he just say that we're taking the able of social security to 6, cutting the military budget. the democrats will be committing political suicide and the republicans. that's why i was hoping that congress would rise above and figure out a more reasonable way to spend less and take in more money over time and get the budget over time. the moronic cliff doesn't hurt....
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this move is likely to bring the country forward to elections next year. the italian prime minister has offered no clue as to whether or not he will run and it comes after sylvia berlusconi declared over the weekend he would throw his hat in the ring for the job of premier. carolyn ross is in italy following the details there. can you walk us through the time frame here? when are we expected monte to step down? what happens next? >> good morning to you, kelly. here is the time frame for you. over the next few weeks, we're expecting the budget stability law to be passed. neither of the political parties will want to be blamed for bringing down the stability of italy, so they will pass that over the next week. once that is passed, mr. mon at the said he would step down. that will happen likely around new year's. and then the president will have to dissolve the parliament and between 45 and 70 days after the parliament is dissolved, new elections will take place and that probably takes us to february 2014. and, kelly, that is two months before the actual elec
this move is likely to bring the country forward to elections next year. the italian prime minister has offered no clue as to whether or not he will run and it comes after sylvia berlusconi declared over the weekend he would throw his hat in the ring for the job of premier. carolyn ross is in italy following the details there. can you walk us through the time frame here? when are we expected monte to step down? what happens next? >> good morning to you, kelly. here is the time frame for...
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Dec 5, 2012
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i think we still need to get through the election or the post election haze. i would say that -- to everybody, listen, we're no longer running for office here. this is about getting back down to brass tacks and figuring out how to solve it. >> which side is not campaigning anymore? >> you've got to listen to who's not talking. i think that's -- in washington, it's always who's not talking. >> we haven't really heard much from senate leadership. >> so that's where our deal gets carved out? >> well, when you start to hear some things from the senate leadership, then you'll know we're getting close to getting something done. and right now they're sending out minions and talking about things that i think are really, you know, staking out claims so they can say they've done that for their constituencies. but it's time right now for the moderates on both sides to step up. for those that are not necessarily at risk of losing elections in the near term to step up and say, listen, just like the leaders said earlier in the program. this is a math problem. it's really no
i think we still need to get through the election or the post election haze. i would say that -- to everybody, listen, we're no longer running for office here. this is about getting back down to brass tacks and figuring out how to solve it. >> which side is not campaigning anymore? >> you've got to listen to who's not talking. i think that's -- in washington, it's always who's not talking. >> we haven't really heard much from senate leadership. >> so that's where our...
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Dec 6, 2012
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the storm and the election. staying with clothing, vera bradley -- well, handbags. those shares also tanking and they are blaming sandy as well but also noted their holiday season is off to a slow start. jeffri jeffries raising the tart fro tm $22 to $20. not all bad news. finisar, higher demand for tranceivers. what else? the stock down 17% year to date. finally, zynga. take a look at shares. they are up nearly 7% because they filed for a gambling license. that is right. the virtual game company wants to become a real poker company. let's bring in julia boorstin with more on this zynga story. seems like if they get it, a completely transformative thing. >> it would be transformative and zynga's definitely pushing forward with its plans to eventually make money from online gambling but the key thing here is that this is really a ways off. the stock soared as much as 9% higher this morning after it came out that zynga applied for real money gaming license in nevada which the company says will take as much as 18 months to get approved. but we have to remember that onl
the storm and the election. staying with clothing, vera bradley -- well, handbags. those shares also tanking and they are blaming sandy as well but also noted their holiday season is off to a slow start. jeffri jeffries raising the tart fro tm $22 to $20. not all bad news. finisar, higher demand for tranceivers. what else? the stock down 17% year to date. finally, zynga. take a look at shares. they are up nearly 7% because they filed for a gambling license. that is right. the virtual game...
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doing precisely that. >> got through the election on social issues. on the economy, i think it's pretty clear that nobody voted for four more years of the current economy. four more years to get his house in order and he's not going to get his house in order using the red herring of taxes when it's entitlemen entitlements. it just isn't going to work, simon. >> i get it. i'm just pointing out -- >> you know what, let's take jobless claims. >> i get it. >> over the last three days, jobless claims to sustain that renewal again which i think is a bad idea, that's 30 to $35 billion a year. i heard many democrats say that's a small amount, why shouldn't we do that? that's about halfway to the total amount they're talking about taxes. but whent's that, it's small. but when it's the 70 to $80 billion am toortized over ten years, all of a sudden it's big. i'm not saying don't raise taxes. if i signed the pledge, i would do it for good reasons. i haven't seen a good reason. i haven't seen a plan that promotes the big guy in the room. >> see you in the next hou
doing precisely that. >> got through the election on social issues. on the economy, i think it's pretty clear that nobody voted for four more years of the current economy. four more years to get his house in order and he's not going to get his house in order using the red herring of taxes when it's entitlemen entitlements. it just isn't going to work, simon. >> i get it. i'm just pointing out -- >> you know what, let's take jobless claims. >> i get it. >> over the...
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effective at being able to hide the net impact of his plan and ride this general good feeling of his election. it's not a healthy situation politically. we've got to do the right thing for the country. >> all right, senator. i was really struck by how easily he said -- steve said, look, if we don't get higher taxes we go over the cliff? absolutely. good to have you on the program. >> we want to avoid that. every republican is firmly convinced we should not go over this cliff and should be avoided. >> exactly. thank you, senator. see you soon. we'll certainly come back to you as the story develops. we get more reaction right now from maya mcginness. she's been rallying up ceos across the country to get involved in this and get heard. maya, nice to see you again. thanks for joining us. >> nice to see you. >> give me your ae reaction to geithner interview. >> i think i had the same reaction you did. we were tossing around going over the cliff in a way that makes me nervous. as the clock is ticking and we're getting closer to the end of december, i think we all wish we were closer to being confid
effective at being able to hide the net impact of his plan and ride this general good feeling of his election. it's not a healthy situation politically. we've got to do the right thing for the country. >> all right, senator. i was really struck by how easily he said -- steve said, look, if we don't get higher taxes we go over the cliff? absolutely. good to have you on the program. >> we want to avoid that. every republican is firmly convinced we should not go over this cliff and...
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i doubt our elected officials would be brazen enough to leave washington without an agreement? this is my hunch. if, and that is an if we are going to see a deal, i suspect it'll come in the next two weeks. if we know anything about d.c. lawmakers, their time off may be more of a sacred cow than the belief on tax and spending. if i'm right, it's too bad that their own self-interests motivate them more. >>> before we look the a the day on wall street. and it was a quiet day. at the end of the day, we did see the markets get a good lift up about 40 points on the industrial average. nasdaq composite picked up 15 1/2 points. and the s&p tonight gain of 4.5% points, check out apple today, we did see a bit of a rebound after the big selloff yesterday. apple continues to trade higher in realtime, up 1.5% on apple at
i doubt our elected officials would be brazen enough to leave washington without an agreement? this is my hunch. if, and that is an if we are going to see a deal, i suspect it'll come in the next two weeks. if we know anything about d.c. lawmakers, their time off may be more of a sacred cow than the belief on tax and spending. if i'm right, it's too bad that their own self-interests motivate them more. >>> before we look the a the day on wall street. and it was a quiet day. at the end...
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we thought we'd have elections march/april, there's the prospect it could be a snap election much earlier perhaps in the new year. now the good news is there isn't a huge amount of blowout on the bonds at the short end of the italian markets. the yields are higher but not huge relative to where we've been but on the ten-year italian market you can see we're slightly higher but no great shakes overall. it means the rally in the peripheral bond market we've witnessed in italy and spain has now stalled at this stage. remember we had the auction in spain yesterday and the yields are slightly higher relative to where we've been, they're still relatively depressed. we talk about the problems in europe, i thought it was worth pointing out amidst all the malaise what is happening in germany today an astounding manufacturing german manufacturing orders result from germany up 3.9% in october, a phenomenal performance from german industry and it's worth bearing in mind that german industry is basically in a single currency that is too low arguably for what it should be at. the deutsche mark would ha
we thought we'd have elections march/april, there's the prospect it could be a snap election much earlier perhaps in the new year. now the good news is there isn't a huge amount of blowout on the bonds at the short end of the italian markets. the yields are higher but not huge relative to where we've been but on the ten-year italian market you can see we're slightly higher but no great shakes overall. it means the rally in the peripheral bond market we've witnessed in italy and spain has now...
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>> the president himself kourg the election said 2 1/2 to one. now his proposal last week has $1.6 trillion in tax increases, $400 billion in spending cuts and another $200 billion in spending, plus an unlimited ability to borrow and raise the debt limit >> you'd be okay with 2 1/2 to 1? >> the bowles-simpson was about 3 to 1. frankly i don't think it's a revenue problem. i don't want to go over revenues. but you know, if we could get a deal that would put the country on a sound fiscal footing and change this trajectory that we're on, there perhaps could be some republican support for it. i'm not sure where i would come in. >> the -- part of the cliff that bothers you the most is that you'd like to do something with the sequester? or, if we were to sunset all the bush tax cuts? that would -- >> that would go -- republicans want to get rid of the deficit. that almost cures the deficit. and that was the rates that we had at one point. and they were supposed to sunset. and i guess there's never a good time. but what if they all sunsetted and you did
>> the president himself kourg the election said 2 1/2 to one. now his proposal last week has $1.6 trillion in tax increases, $400 billion in spending cuts and another $200 billion in spending, plus an unlimited ability to borrow and raise the debt limit >> you'd be okay with 2 1/2 to 1? >> the bowles-simpson was about 3 to 1. frankly i don't think it's a revenue problem. i don't want to go over revenues. but you know, if we could get a deal that would put the country on a...
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he was somewhat -- he was somewhat accommodating right after the re-election. he's become harder line. i agree with that point. doug, you know the numbers. once again, i ask you, does boehner's idea of capping upper end deductions work to raise revenues, heaven forbid without damaging the middle class? does it work? >> yes, absolutely it works, and, you know, it's important to recognize we have two different problems. problem number one is the fiscal cliff and threat of recession. raising any more taxes doesn't make any sense. this is politics trumping economic sense. second problem is fixing the debt and there's this debate about how much revenue, how much spending. balance means heavy on spending lighter on taxes and bowles-simpson told us the route to do that is tax reform. >> much more fun by the way to have 4% or 5% growth than to equitable about 1% or 2% growth. thank you gentlemen. we appreciate it. now to another controversy. are minorities especially latinos a lost cause for republicans and conservative principles? i say no, but our next guest star par
he was somewhat -- he was somewhat accommodating right after the re-election. he's become harder line. i agree with that point. doug, you know the numbers. once again, i ask you, does boehner's idea of capping upper end deductions work to raise revenues, heaven forbid without damaging the middle class? does it work? >> yes, absolutely it works, and, you know, it's important to recognize we have two different problems. problem number one is the fiscal cliff and threat of recession. raising...
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we thought it would be weak during an election year. there's a whole body of academic evidence that public policy certainly does impair it. but we were stunned as early as the first quarter of this year to see the tech sector, ibm, talking about flat revenue growth in the u.s., and there we think there's a level of cap-ex that has just been foregone because of this public policy uncertainty that, even in a semistable environment, it should rebound a bit. and that could be a big driver for profit growth in '14. >> you point out that your sector positioning, you say it's cautious, but you are upping technology to overweight. underweighting domestic cyclical. if cap-ex is a phenomenon next year why would you not be more highly leveraged to that? >> well, we think that first of all, the numbers, and the valuations, look fully played out. we think they still have housing market euphoria. and, have looked at things like consumer confidence going up, at least until friday, as a result of house prices stabilizing. for us, that's the reason why
we thought it would be weak during an election year. there's a whole body of academic evidence that public policy certainly does impair it. but we were stunned as early as the first quarter of this year to see the tech sector, ibm, talking about flat revenue growth in the u.s., and there we think there's a level of cap-ex that has just been foregone because of this public policy uncertainty that, even in a semistable environment, it should rebound a bit. and that could be a big driver for...
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sandy, the election, holiday workers. you say three asterisks. >> yeah, i think it has to have three asterisks, it doesn't fit in with initial claims and other items. they said sandy had no impact on the number. i think that may be because the number was basically taken before the impact was held. i think they're going to see a lot of revisions here. >> next week setting up. it's going to be another big one. same store sales from various companies and, of course, the fed. >> the fed is important. it's another one of those two-day meetings. they're going to take down operation twist. this will be important because he gets to announce at a press conference. that gives them a chance to explain what the mood of the meeting was. it will give them a chance to hear what the new proposal, qe whatever, is supposed to do and how they want to set it up. so i think the markets will hone in on that very, very carefully. >> do you think we see an acceleration of purchases, a revamp of twists? will there be an event as i said earlier? >
sandy, the election, holiday workers. you say three asterisks. >> yeah, i think it has to have three asterisks, it doesn't fit in with initial claims and other items. they said sandy had no impact on the number. i think that may be because the number was basically taken before the impact was held. i think they're going to see a lot of revisions here. >> next week setting up. it's going to be another big one. same store sales from various companies and, of course, the fed. >>...
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tell me what you want for us to do but i don't like the idea that i was elected and my election certificate is as valid as anybody else's here not to have a say in this. i'd say to my colleagues, lets us, the people's house, take back control of this argument, come together and put something forward. >> you and others have signed on to a so-called discharge petition that would cause the house of representatives to take a vote on the bill passed in the senate some time ago that would extend the so-called bush era tax cuts for people earning less than $250,000. it requires 218 signatures. that means you've got to get some republicans to sign on. do you have any indication that any people will break from speaker boehner and sign your petition? >> i think so. i know one for example, my friend walter jones down in north carolina, said that he's open to it. i think i need 41 people now. we've got 177. i need 41 people to come forward and i think what's really interesting about this is, republicans aren't violating any pledge on this. they are assuring taxes don't go up. i see no reason why we can
tell me what you want for us to do but i don't like the idea that i was elected and my election certificate is as valid as anybody else's here not to have a say in this. i'd say to my colleagues, lets us, the people's house, take back control of this argument, come together and put something forward. >> you and others have signed on to a so-called discharge petition that would cause the house of representatives to take a vote on the bill passed in the senate some time ago that would...
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he wasn't happy with the 2012 elections. do you think conservatism just didn't make the case in the elections last november? >> we always have to do a better job at how we speak about liberty, the constitution and how inclusive it is and how it offers things to people who have not yet experienced the fruits of liberty. so i think we can always do a better job. what i will say about jim demint is he has started and brought some liberty-minded libertarian/conservatives to the senate. we have a pretty good caucus now. there's a real strong jim demint influence in our caucus. >> great stuff. senator rand paul, kentucky, thank you sir. all the best. >> thank you. >>> so besides praising jim demint, senator rand paul said something very interesting. he said he will not vote for a filibuster. he said, let larry reid, no filibust filibuster, 51 vote, simple majority and then he will vote no and let the democrats have the onus of the big tax hike. quite interesting. now here's a political threat. is the republicans at risk of becomin
he wasn't happy with the 2012 elections. do you think conservatism just didn't make the case in the elections last november? >> we always have to do a better job at how we speak about liberty, the constitution and how inclusive it is and how it offers things to people who have not yet experienced the fruits of liberty. so i think we can always do a better job. what i will say about jim demint is he has started and brought some liberty-minded libertarian/conservatives to the senate. we...
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>> you would have to elect romney to do that. you're not going to extend the bush tax cuts for the high end. >> for another minute. >> not even for a milliseconmil. >> the republicans want to bargain away and let taxes go up by the end of the year and have the big negotiations occur next year when the president will want even more increases in taxes. >> let me ask a different question and it's sort of the -- >> and then we got to go. >> here's the opportunity for the president to eclipse the whole thing, i don't think he's going to but he could eclipse the whole scene. let's not relitigate '01 and '03 let's bridge to tax reform and move forward. the senate democrats not answering their phones are the ones to ask about this one. >> congressman, thank you for being on. >>> the final countdown to the jobs report. stick around. ♪ ♪ mom? dad? guys? [ engine turns over ] [ engine revs ] ♪ he'll be fine. [ male announcer ] more people are leaving bmw, mercedes and lexus for audi than ever before. take advantage of exceptional valu
>> you would have to elect romney to do that. you're not going to extend the bush tax cuts for the high end. >> for another minute. >> not even for a milliseconmil. >> the republicans want to bargain away and let taxes go up by the end of the year and have the big negotiations occur next year when the president will want even more increases in taxes. >> let me ask a different question and it's sort of the -- >> and then we got to go. >> here's the...
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ever since obama won the election, we are now in deal mode. i have to tell you, we're going to have a stellar year. it's going to be at a price. the price is going to be -- january is probably going to be much worse than predicted. february, march, et cetera. we're borrowing for the future, yet again. >> that's a really good point. is this just a short-term thing? next year in 2013, once we see cap gains taxes go much higher, which they probably will, do things slow down again? >> oh, yeah. i think it will slow down again. i think people will hunker down, particularly are the whole fiscal cliff story hanging. even if it goes over, which i predict it will -- >> so do i. >> diana, what are you seeing? >> in the high ends where dolly works, of course it's going to have a big effect. let's keep this in perspective when we look at the housing recovery. homes price ed over $1 million were just 1.7% of sales in october. this is a minuscule amount when you look at the overall housing market and the recovery. that's why we're not seeing prices come dow
ever since obama won the election, we are now in deal mode. i have to tell you, we're going to have a stellar year. it's going to be at a price. the price is going to be -- january is probably going to be much worse than predicted. february, march, et cetera. we're borrowing for the future, yet again. >> that's a really good point. is this just a short-term thing? next year in 2013, once we see cap gains taxes go much higher, which they probably will, do things slow down again? >>...
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because markets are concerned that the new government would be elected on february 24th, that this new government will not be implementing the austerity measures that mr. monti has implemented over the last couple months. but is this concern actually warranted? well, if you speak to a number of analysts, well they'll say, no, because if you look at the opinion polls you'll see that the party which will most likely win, that's the democratic party. and he said, or the leader said, look, we're going to stick to the austerity measures that were implemented by monti. >> carolyn roth for us in rome tonight. coming up, jcpenney ringing up discounts. what this dramatic change in pricing strategy spells out for its ceo ron johnson and his future. and of course, the stock, we'll be right back. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with
because markets are concerned that the new government would be elected on february 24th, that this new government will not be implementing the austerity measures that mr. monti has implemented over the last couple months. but is this concern actually warranted? well, if you speak to a number of analysts, well they'll say, no, because if you look at the opinion polls you'll see that the party which will most likely win, that's the democratic party. and he said, or the leader said, look, we're...
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he's had ever since september of 2011 when the grand bargain talks broke out -- broke down and post-election he's made clear this is going to remain an element of his strategy, is campaigning with the public. he made that trip to pennsylvania last week. he's trying to use the public, which polls show agrees with him on some of the key questions like top rate, to put pressure on the congress to move. we'll see how effective that can be. certainly it hasn't been effecti effective heretofore but it is possible it could and the president believes having won the election he's on the high side. >> 2:00 on twitter. john, thanks very much. >>> one of the overhangs for the fiscal cliff for investors is what will happen on dividend tax rates. more and more corporations aren't waiting to find out exactly what happens with more than $22.5 billion worth of special difficult sends having been announced from 98 companies in the fourth quarter so far. today, hca, dish network, cato joining the list. jim iuorio is a cnbc contributor. >> i've been looking at this from every ang toll fiangle to find a tradable
he's had ever since september of 2011 when the grand bargain talks broke out -- broke down and post-election he's made clear this is going to remain an element of his strategy, is campaigning with the public. he made that trip to pennsylvania last week. he's trying to use the public, which polls show agrees with him on some of the key questions like top rate, to put pressure on the congress to move. we'll see how effective that can be. certainly it hasn't been effecti effective heretofore but...
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at the lowest level since president obama was re-elected. just now under that $1,700 mark. what's behind the sell-off and is this a buying opportunity? let's start talking futures now. let's start with you, you and rich have been bitten by the gold bug. are you ready to throw in the towel here? >> jackie, i'm not ready yet. usually when you see a day the dollar is as weak as it is, gold is higher. what's happening today is you're seeing a lot of profit taking on gold. it's not profit taking because we're up 9% on the year. traders are worried that some deal with the fiscal cliff will call for higher capital-gains taxes so traders are getting out of their gold positions before that might take effect. >> so profit taking, meantime, rich, what is dipping below the $1,700 mark mean? is that really the right level to be watching? >> well, we gave you the level $ $ $1,706. you're looking at $1,672. every trader will tell you it is a big level here, a close below that and there's more pain. in fact, let's watch today's close, in one hour, if we close below $1,700 i think there's m
at the lowest level since president obama was re-elected. just now under that $1,700 mark. what's behind the sell-off and is this a buying opportunity? let's start talking futures now. let's start with you, you and rich have been bitten by the gold bug. are you ready to throw in the towel here? >> jackie, i'm not ready yet. usually when you see a day the dollar is as weak as it is, gold is higher. what's happening today is you're seeing a lot of profit taking on gold. it's not profit...
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i think the bottom line is that the president, there's wind in his sails from the election and he feels like he ought to be able to squeeze a heck of a lot out of them. and he's playing hardball. and the cost is that as you folks have noted, we definitely absolutely 100% will go into a recession if they fail. and by playing chicken like this, what the president is doing is telling people right now in december to stop their economic activity because there's this scary thing that might happen if the coin flip comes up. so i think that eat big problem right now. >> i initially read the "new york times" piece about boehner gaining some backing of the house. it's basically saying the guys that wouldn't have gone along with them before in caving are now ready to careful with them. so it's like the same article. >> i think it's 50/50 that we don't get that. i'm not exactly sure that the president doesn't think that if we question over the cliff, that he can blame that on republicans. and then try to fix it next year. but from a position of money. >> secretary geithner said they're ready to go
i think the bottom line is that the president, there's wind in his sails from the election and he feels like he ought to be able to squeeze a heck of a lot out of them. and he's playing hardball. and the cost is that as you folks have noted, we definitely absolutely 100% will go into a recession if they fail. and by playing chicken like this, what the president is doing is telling people right now in december to stop their economic activity because there's this scary thing that might happen if...
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i respectfully disagree that the only democrats got elected in the past election. there was still a majority in the house of representatives republican that would return to office they ought not take ownership of something that will reduce jobs and growth. they ought not to do that or they'll be responsible for what happens in the next four years. let the democrats have their tax increases and you'll see what happens. >> as you speak, we have a fiscal cliff countdown clock right beneath you, 27 days and 12 hours. gentlemen, appreciate your time. thanks so much. >> thank you. governors gilmore and davis. >>> let's get to brian sullivan with the market flash. brian? >>> perhaps not happy here, carl, pby is falling today. they swupg to a third quarter loss. you can see the stock is down 13%, $6.8 million loss, basically 13 cents per adjusted share of a loss. wall street was expecting a prof profit. sales fell 2.4% quarter over quarter. of course the whole autoparts phase with a lot of action around this name, pby has been stuck in an $8 to $12 range for the better par
i respectfully disagree that the only democrats got elected in the past election. there was still a majority in the house of representatives republican that would return to office they ought not take ownership of something that will reduce jobs and growth. they ought not to do that or they'll be responsible for what happens in the next four years. let the democrats have their tax increases and you'll see what happens. >> as you speak, we have a fiscal cliff countdown clock right beneath...
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. >> i was so hopeful, i wasn't obviously thrilled with the election results, but i actually thought that result might be the result we needed to get thefshs done. >> in a way you you have the situation where -- >> you extend 98 but not the 2? believing that story is so -- >> either raise them on everyone or raise them on -- either it will hurt the economy if you raise taxes or it's not. on 98 it won't hurt, on 2 it will -- >> we'll have more on this argument. in the meantime, let's talk about some of the other headlines. financial firms are gathering for the goldman sachs financial services contractors. a key presenter is brian money tha moynihan. we talked about his reports of planned fee increases. plus there was the issue of president obama's likely pick to follow tim geithner at treasury. we talked about how buffett threw out jamie dimon's name. here is what moynihan thinks about that idea. >> i won't give individual names, but i think what warren is expressing a view which i agree with is that we need to have very bright, very talented and very broad experienced people help pus
. >> i was so hopeful, i wasn't obviously thrilled with the election results, but i actually thought that result might be the result we needed to get thefshs done. >> in a way you you have the situation where -- >> you extend 98 but not the 2? believing that story is so -- >> either raise them on everyone or raise them on -- either it will hurt the economy if you raise taxes or it's not. on 98 it won't hurt, on 2 it will -- >> we'll have more on this argument. in...
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they have an election every two years and they got elected again and they've got constituents that sent them there for a reason. and then you've got the president would is just -- you know, just being hammered by the left on not caving this time around because he got so much grief the last time. this is setting up for us to go over the cliff, isn't it? what do you think? do we go over it or not? >> yeah, it is very difficult. and i feel bad for john boehner. he's in a difficult situation. i did want to remind john that he should look at the young, newer members that are so difficult to persuade to make an easy deal compromise. and remember, it wasn't too many years ago, john, that was you and me and we were driving bob michael and president bush nuts when the democrats were offering them, give us the tax increases now, we'll give you the spending cuts later and we were saying, oh, no, they'll never keep their word on the spending cuts. they'll tax the tax increases. quite frankly, the speaker has a difficult role to play here. he's seen by so many people as the principal guardian of our
they have an election every two years and they got elected again and they've got constituents that sent them there for a reason. and then you've got the president would is just -- you know, just being hammered by the left on not caving this time around because he got so much grief the last time. this is setting up for us to go over the cliff, isn't it? what do you think? do we go over it or not? >> yeah, it is very difficult. and i feel bad for john boehner. he's in a difficult situation....
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i think businesses are holding back partly because of the election, which is now passed obviously. and the fiscal cliff. i still believe that we're going to end up kicking the can down the road. i think there's lots of pent-up demand in the economy so we're not going to go into a recession. in fact, i think next year we could see some acceleration. one of the key ways to see this is just to look at auto sales for november. they surged to 15.5 million. every time we have a dip in demand because of sandy or something else, we come back. this economy is super resilient and i think we'll be able to go over the cliff or go through the cliff without having a recession. >> i hope you're right. my concern is that you are absolutely wrong. actually the economy is slowing to stall speed and markets could correct badly on the news moving forward. we learned this week that manufacturing contracted in november for the first time in three months. we had analysts on the program talking about the channel checks indicating softness for a second month and today goldman has downgraded growth in the f
i think businesses are holding back partly because of the election, which is now passed obviously. and the fiscal cliff. i still believe that we're going to end up kicking the can down the road. i think there's lots of pent-up demand in the economy so we're not going to go into a recession. in fact, i think next year we could see some acceleration. one of the key ways to see this is just to look at auto sales for november. they surged to 15.5 million. every time we have a dip in demand because...